Vancouver Condo Market Snapshot: Dec 2015

January 12, 2016

As seen in...

2015 was the ideal sellers’ market: fewer listings arguably drove prices higher. The demand for apartments in areas like Vancouver also increased as more people turn to condominiums as an affordable option. On the city’s East Side, there were 63 apartment listings in December 2015 compared with 134 in December 2014. The picture was rosier for people looking for condos on the West Side; here the number of condos in December 2015 was actually higher than during the same month the previous year (231 compared to 227).

While Vancouver’s December condo sales were down compared with November, it’s the contrast with the previous year’s December stats that tell a truer tale of the state of the market. In that regard, there was not a significant difference on Vancouver’s East Side (108 sales in December 2015 versus 132 in December 2014). The West Side, however, saw a significant increase (331 sales last month as opposed to 270 in December 2014).

False Creek

Nothing says quintessential Vancouver so much as the southern shore of False Creek with its picture postcard views of water and mountains. It’s no wonder it’s such a popular choice for condo hunters. There are currently 29 active listings in the neighbourhood, which runs from Granville Island to Science World. Prices start at $400,000 for a six-year-old studio in The Exchange. The neighbourhood’s most expensive current listing is Shoreline, a five-year-old complex on Athletes Way. The price: $3.9 million for a three-bedroom home with more than 2,800 square feet of living space.

Recent False Creek sales indicate buyers willing to haggle and sellers willing to negotiate. A brand-new two-bedroom in The One went for 800,000 – two per cent less than list price – after only three days on the market. Meanwhile, in the 15-year-old Modena of Portico building, a two-bedroom changed hands for $738,500 – three per cent under asking.

Collingwood

This East Side neighbourhood has a great cosmopolitan stretch along Kingsway; it’s also handy to the Joyce Street SkyTrain Station. The area’s 22 current condo listings are in buildings that range from the 21-year-old Regent Court to the brand-new Wall Centre Central Park Tower and Skyway Tower. Prices in Collingwood start at $228,000 for a studio in Emerald Court to $592,900 for a two-bedroom in the Wall Centre complex.

The Wall Centre development is breathing new life into the neighbourhood and, while much of it is now under construction, Tower 3 is not expected to be complete until 2018. One recent sale there was for a two-bedroom that sold just before Christmas. It went for its list price of $505,900.